Although employed individuals can no longer make contributions to their 2015 retirement savings, there is ample time to contribute to 2016 retirement savings. For the many self-employed individuals who don’t have a plan for retirement saving, this would be a good year to start catching up. Multiple options are available:
Simplified Employee Pension (SEP) IRA. The most popular choice for sole proprietors with no employees, the SEP IRA is easy to establish and administer and offers low, if any, annual account fees.
Solo 401(k). Individuals with substantial self-employment income and no employees often turn to a Solo 401(k).
Savings Incentive Match Plan for Employees (SIMPLE) IRA. Inexpensive to set up and maintain, the SIMPLE IRA can be a good choice for business owners with zero to 100 employees.
Want more information? Call us today at (516) 747-3355 to learn how to sign up for newsletters from TSG Financial.
TSG Financial LLC is a Financial Services company located in Garden City, NY. Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org). Advisory services offered through Securities America Advisors, Inc. TSG Financial and Securities America are separate entities. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
